Key benchmark indices edged higher in early trade as firmness in Asian stocks boosted sentiment. The barometer index, the S&P BSE Sensex was currently up 107.04 points or 0.38% at 28,305.33.The market breadth indicating the overall health of the market was strong.
Metal and realty stocks gained.
In overseas markets, Asian stocks rose after the Greek parliament approved a bailout plan yesterday, 15 July 2015. US stocks closed slightly lower yesterday, 15 July 2015, snapping a four-session winning streak, as investors monitored developments in Greece.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 407.69 crore yesterday, 15 July 2015, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 50.38 crore yesterday, 15 July 2015, as per provisional data.
At 9:27 IST, the S&P BSE Sensex was up 107.04 points or 0.38% at 28,305.33. The index gained 123.95 points at the day's high of 28,322.24 in early trade. The index rose 47.52 points at the day's low of 28,245.81 in early trade.
The CNX Nifty was up 28.35 points or 0.33% at 8,552.15. The index hit a high of 8,562.65 in intraday trade. The index hit a low of 8,542.90 in intraday trade.
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The market breadth indicating the overall health of the market was strong. On BSE, 1,022 shares gained and 318 shares fell. A total of 52 shares were unchanged.
The BSE Mid-Cap index was up 51.59 points or 0.47% at 11,103.25. The BSE Small-Cap index was up 55.21 points or 0.48% at 11,633.90. Both these indices outperformed the Sensex.
Shares of Reliance Industries (RIL) rose 0.07%. A delegation led by CEO of BP, Mr. Bob Dudley met the Minister of State (I/C) Petroleum and Natural Dharmendra Pradhan yesterday, 15 July 2015. Mr. Dudley apprised the minister of various activities of BP in India and the future plans to expand business in oil and gas sector, according to a statement issued by the Ministry of Petroleum & Natural Gas. Pradhan appreciated the role played by BP in Indian hydrocarbon sector and welcomed it to increase its presence in upstream and downstream sectors in India.
In a historic partnership with RIL in 2011, BP took a 30% stake in a number of oil and gas production sharing contracts operated by RIL in India, including the producing KG- D6 block and the formation of a 50/50 joint venture to source and market gas in India.
Shares of M&M rose 0.02%. The stock turned ex-dividend today, 16 July 2015 for dividend of Rs 12 per share for the year ended 31 March 2015.
Kotak Mahindra Bank rose 0.34%. The government yesterday, 15 July 2015, has deferred approval for the proposal sought by Kotak Mahindra Bank for increasing the aggregate foreign investment in Kotak Mahindra Bank to 55% pursuant to a merger between ING Vysya Bank and Kotak Mahindra Bank.
Meanwhile, the data released by the Ministry of Commerce & Industry after trading hours yesterday, 15 July 2015, showed that India's merchandise exports fell 15.82% to $22.29 billion in June 2015 over June 2014. Imports fell 13.4% to $33.11 billion in June 2015 over June 2014. Oil imports fell 34.97% to $8.67 billion in June 2015 over June 2014. Non-oil imports fell 1.85% to $24.44 billion in June 2015 over June 2014. The trade deficit declined to $10.82 billion in June 2015 from $11.76 billion in June 2014.
Meanwhile, India's weather office, the India Meteorological Department (IMD), said in its daily monsoon update issued yesterday, 15 July 2015, that the Southwest Monsoon has been vigorous over Arunachal Pradesh and Rayalaseema and active over Assam & Meghalaya, Sub-Himalayan West Bengal & Sikkim, Bihar and Coastal Andhra Pradesh during 24 hours ending until 8:30 IST.
For the country as a whole, cumulative rainfall during this year's monsoon season was 6% below the Long Period Average (LPA) until 15 July 2015. Region wise, the southwest monsoon was 15% above the LPA in Northwest India, 6% below the LPA in East & Northeast India, 12% below the LPA in South Peninsula and 13% below the LPA in Central India until 15 July 2015.
The quantum of and the spatial distribution of rainfall this month holds key, with July being a crucial month for the sowing of Kharif crops. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.
In overseas markets, Asian stocks rose today, 16 July 2015 after the Greek parliament approved a bailout plan. Key benchmark indices in China, Hong Kong, Taiwan, Singapore, Japan, and South Korea rose 0.03% to 0.99%. .
US stocks closed slightly lower yesterday, 15 July 2015, snapping a four-session winning streak, as investors monitored developments in Greece.
Among macro data in the US, the producer-price index, which measures the prices at which companies sell goods and services, rose 0.4% in June, the Labor Department said yesterday, 15 July 2015. Core prices rose 0.3%. US industrial production rose 0.3% in June from May.
In her semiannual testimony to Congress yesterday, 15 July 2015, Federal Reserve Chairwoman Janet Yellen repeated her view that the Fed will likely hike interest rates this year if the US economy expands as expected, and cited improvement in the labor market.
In Europe, the Greek parliament yesterday, 15 July 2015, passed a sweeping bundle of austerity measures demanded by European partners, a price to pay for opening talks on a multi-billion euro bailout package near-bankrupt Athens needs to stay in the euro zone.
Early this week, eurozone leaders agreed on a three-year bailout for the debt-laden country. The measures call for more severe spending cuts, market reforms and tax increases than those rejected by Greek voters in a referendum on 5 July 2015.
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